Ask Terry Questions Debt — A Deep Hole!

Debt — A Deep Hole!

By Terry Savage on June 03, 2023 | Wild Card

I purchased a home for 40k using a 50k loan and $21k in credit cards for repairs. I bought the home to renovate and flip but still need 30k to finish it. Right now I’m at a standstill on renovation with monthly bills on the debt borrowed.

I want to borrow 40k to finish the renovation and help take care of the debt owed. Also concerned about my credit history. I’ve been on time with things but stretched pretty thin and have maxed out all credit.

Terry Says

Did you ever hear the expression: ” You can’t squeeze blood out of a turnip”? That seems to be the case here. Hope you can find someone to buy it in this unfinished state and repay your borrowings as well as your credit card debt.
In hindsight (and also probably in foresight) this was a bad plan, or NO plan! And I can’t see a better way out than just to cut your losses and get out!! If you hate that idea — get another job quick, earn enough money to pay the cc bills, don’t spend more — and put in long hours of sweat equity to get this to where you can sell and break even.

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